TrustCo Declares Cash Dividend
February 17 2015 - 2:56PM
Building off the strong operating results for 2014 that were
recently announced, the board of directors of TrustCo Bank Corp NY
(TrustCo) (Nasdaq:TRST) today declared a quarterly
cash dividend of $0.065625 per share, or $0.2625 per share on an
annualized basis. The dividend will be payable April 1, 2015, to
shareholders of record at the close of business on March 6, 2015.
TrustCo has paid a cash dividend every year since 1904.
President and Chief Executive Officer Robert J. McCormick noted,
"We are very pleased that our solid 2014 results allow us to
continue to provide our shareholders with a strong cash dividend.
We understand how important the TrustCo cash dividend is to our
shareholders. Our cash dividend continues a tradition that extends
back over 100 years."
TrustCo Bank Corp NY is a $4.6 billion savings and loan holding
company. Its subsidiary, Trustco Bank, operates 144 offices in
New York, Florida, Massachusetts, New Jersey and Vermont.
In addition, the Bank's Financial Services Department offers a
full range of investment services, retirement planning and trust
and estate administration services.
The common shares of TrustCo are traded on The NASDAQ Global
Select Market under the symbol TRST.
Safe Harbor Statement
All statements in this news release that are not historical are
forward-looking statements within the meaning of the Securities
Exchange Act of 1934, as amended. Forward-looking statements
can be identified by words such as "anticipate," "intend," "plan,"
"goal," "seek," "believe," "project," "estimate," "expect,"
"strategy," "future," "likely," "may," "should," "will" and similar
references to future periods. Examples of forward-looking
statements include, among others, statements we make regarding our
expectations for our performance during 2015 and for the growth of
loans and deposits throughout our branch network and our ability to
capitalize on economic changes in the areas in which we
operate. Such forward-looking statements are subject to
factors that could cause actual results to differ materially for
TrustCo from those discussed. TrustCo wishes to caution readers not
to place undue reliance on any such forward-looking statements,
which speak only as of the date made. The following important
factors, among others, in some cases have affected and in the
future could affect TrustCo's actual results and could cause
TrustCo's actual financial performance to differ materially from
that expressed in any forward-looking statement: our ability
to continue to originate a significant volume of one-to-four family
mortgage loans in our market areas; our ability to continue to
maintain noninterest expense and other overhead costs at reasonable
levels relative to income; the future earnings and capital levels
of Trustco Bank and the continued ability of Trustco Bank under
regulatory rules to distribute capital to TrustCo, which could
affect our ability to pay dividends; our ability to make accurate
assumptions and judgments regarding the credit risks associated
with lending and investing activities; the effect of changes in
financial services laws and regulations and the impact of other
governmental initiatives affecting the financial services industry;
results of examinations of Trustco Bank and TrustCo by our
respective regulators; the effects of, and changes in, trade,
monetary and fiscal policies and laws, including interest rate
policies of the Federal Reserve Board, inflation, interest rates,
market and monetary fluctuations; the perceived overall value of
our products and services by users, including in comparison to
competitors' products and services and the willingness of current
and prospective customers to substitute competitors' products and
services for our products and services; real estate and collateral
values; changes in accounting policies and practices, as may be
adopted by the bank regulatory agencies, the FASB or PCAOB; changes
in local market areas and general business and economic trends, as
well as changes in consumer spending and saving habits; our success
at managing the risks involved in the foregoing and managing our
business; and other risks and uncertainties under the heading "Risk
Factors" in our annual report on Form 10-K for the year ended
December 31, 2013, as amended, and, if any, in our subsequent
quarterly reports on Form 10-Q or other securities filings.
CONTACT: Kevin T. Timmons
Vice President/Treasurer
(518) 381-3607
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